<\/p>\n
Vietnam’s economic growth accelerated in the second quarter on robust exports, government data showed, but rising inflation remained a challenge for the Southeast Asian country.<\/p>\n
Gross domestic product (GDP) is estimated to have expanded to 6.93% in the second quarter from a year earlier, faster than a growth of 5.87% in the first quarter, the government’s General Statistics Office (GSO) said.<\/p>\n
The economy expanded 6.42% in the first half of this year, the GSO added.<\/p>\n
Vietnam, an important exporter of smartphones, electronics and garments, is seeking to shore up business activity after missing last year’s growth target because of weak global demand and power shortages.<\/p>\n
“Vietnam’s socio-economic situation continues a positive trend, with each quarter being better than the previous one,” the GSO said in a statement.<\/p>\n
“The country’s economy and society continue to face many difficulties and challenges, amid external risks and uncertainties … achieving the growth target of 6.0-6.5% in 2024 is a big challenge, requiring the joint efforts from all forces,” the GSO added.<\/p>\n
Vietnam’s exports in the first half of this year rose 14.5% from a year earlier to US$190 billion (RM896.42 billion), while industrial production increased 10.9% from a year earlier, according to the GSO.<\/p>\n
Earlier this week, Prime Minister Pham Minh Chinh said second-quarter GDP growth would exceed the first quarter’s pace, and said policy would continue to prioritise growth to meet this year’s growth target of 6.0%-6.5%.<\/p>\n
Chinh said Vietnam would stick to its flexible monetary policy, with an aim of further cutting banks’ lending interest rates, reducing fees and boosting public investment.<\/p>\n
The International Monetary Fund (IMF) expects Vietnam’s economic growth to be close to 6% this year, supported by strong external demand, resilient foreign investment and accommodative policies, but has warned that downside risks are high.<\/p>\n
The IMF said that if exchange rate pressures were to persist for longer it could lead to a larger pass-through to Vietnam’s domestic inflation, given easy monetary conditions.<\/p>\n
Inflation pressures are building, with Vietnam’s consumer prices in June rising 4.32% from a year earlier, nearing the government’s inflation target ceiling of 4.5% for the year.<\/p>\n
Average consumer prices in the first half of this year rose 4.08% from a year earlier, the GSO said.<\/p>\n
The agency said it would closely monitor price movements and adjust prices of electricity, medical and education services in accordance with the real situation to minimise the impact on inflation.<\/p>\n
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